Shell seeking buyers for U.S. chemicals business at up to $8 billion

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ExxonMobil, LyondellBasell, Apollo Global Management, and Kuwait Petroleum have submitted non-binding offers for Shell's U.S. assets

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Shell $SHEL is shopping its U.S. chemicals business to a group of potential buyers that includes ExxonMobil $XOM Corp., LyondellBasell Industries NV, Apollo Global Management Inc., and the chemicals arm of Kuwait Petroleum Corp., according to the Financial Times, as cited by Bloomberg.

The assets could be valued at as much as $8 billion in total — a price the Financial Times characterized as far below Shell's cumulative investment in them, according to Bloomberg. Prospective buyers put forward non-binding indicative offers last month that addressed both an outright purchase of the entire unit and acquisitions of select pieces.